Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Leshushi (02698), highlighting its sustained high growth and profitability driven by localized production and distribution in emerging markets, particularly Africa [1] Group 1: Company Overview - The company is a leading cross-border hygiene product brand focused on emerging markets, primarily selling baby diapers and sanitary napkins, with the highest sales in Africa [1] - The founders maintain concentrated control, and the core management team has experience in emerging markets and fast-moving consumer goods, with a combined ownership of approximately 27.79% [1] Group 2: Financial Performance - The company is expected to achieve a revenue CAGR of 19% and a net profit CAGR of 130% from 2022 to 2024, with projected revenues of $320 million, $411 million, and $454 million for those years, respectively [2] - The adjusted net profit is forecasted to grow significantly, with year-on-year increases of 251.71% and 51.00% in 2023 and 2024, respectively [2] - The gross margin is projected to improve from 23.0% in 2022 to 35.2% in 2024, driven by lower raw material costs and a higher proportion of higher-margin products [3] Group 3: Market Dynamics - The company is positioned to benefit from the expansion of emerging markets, driven by high birth rates and low penetration rates in hygiene products, particularly in Africa, where the market is expected to grow at a CAGR of approximately 8% from 2025 to 2028 [4] - The company has established a competitive advantage through deep localization in operations, with a network of 51 local production lines across eight countries, covering 80% of the local population [4]

智通财经APP获悉，招商证券发布研报称，当地时间2026年1月28日，美联储召开议息会议，宣布暂停 降息。在本次会议尤其是沃勒投票支持降息后新联储主席不确定性再次增加。从目前Polymaret预测的 新联储主席概率看，里德尔、沃什、沃勒、哈塞特当选概率分别为36%、27%、17%、7%，差距较此前 有所收敛。基于候选人的最新政策立场，从鸽到鹰应当是哈塞特、里德尔、沃勒、沃什。里德尔属于市 场派，若当选则市场预期更早降息和更多资产购买支持，在4人中应当对长债美债最为友好。 短期利好美股、利空美元，中期尽管风险资产会有波动，但Fed Put持续存在。沃什最为鹰派，更注重 纪律性和美联储独立性，支持缩表。短期利空美债，利好美元，美股震荡。中期可能出现与Trump理念 背离进而再度出现类似去年的政治施压，风险资产波动加大。沃勒中性偏鸽。介于里德尔和沃什之间。 短期市场预期适度降息或维持宽松窗口，美股美债微涨，美元微跌。中期对风险资产友好。哈塞特最为 鸽派，若当选则市场预期短期激进降息，短期短端或快速下行，但长端反而可能因为反身性上行，美债 曲线陡峭化，美元贬值，美股上涨。中期市场对美联储独立性担忧加剧，或导致风险资产 ...

►►上海期货交易所发布公告，再次对黄金、白银等期货涨跌停板幅度、交易保证金比例进行调整，其中，镍期货已上市合约的涨跌停板幅度调整为11%， 套保持仓交易保证金比例调整为12%，一般持仓交易保证金比例调整为13%；氧化铝、铅、锌期货已上市合约的涨跌停板幅度调整为9%，套保持仓交易保证 金比例调整为10%，一般持仓交易保证金比例调整为11%；不锈钢、铸造铝合金、螺纹钢、热轧卷板期货已上市合约的涨跌停板幅度调整为7%，套保持仓交 易保证金比例调整为8%，一般持仓交易保证金比例调整为9%；黄金期货AU2606、AU2608、AU2610、AU2612、AU2702合约涨跌停板幅度调整为16%，套 保持仓交易保证金比例调整为17%，一般持仓交易保证金比例调整为18%；白银期货AG2605、AG2606、AG2607、AG2608、AG2609、AG2610、AG2611、 AG2612、AG2701合约涨跌停板幅度调整为16%，套保持仓交易保证金比例调整为17%，一般持仓交易保证金比例调整为18%。 上海黄金交易所于同日发布公告，对白银延期合约交易保证金水平和涨跌停板比例进行调整，自2026年1月30日（星期五）收盘清 ...

Investment Rating - The report maintains an "Overweight" rating for the brokerage sector, indicating a positive outlook compared to the overall market performance [5]. Core Insights - The brokerage sector is expected to achieve a 47% year-on-year increase in net profit for 2025, with projected revenues of 586.8 billion yuan and a main revenue of 570.4 billion yuan, reflecting a 37% increase [1][3]. - The report highlights a trend of asset rebalancing between light and heavy assets within the brokerage sector, which is crucial for future performance [1]. - The investment environment for Q4 2025 is anticipated to be less favorable compared to the first three quarters of 2025, with a projected decline in investment income [2]. Revenue and Profit Projections - For 2025, the brokerage sector is projected to generate total revenues of 586.8 billion yuan, with a main revenue of 570.4 billion yuan, marking a 37% increase year-on-year [1][3]. - The expected net profit for 2025 is 217.7 billion yuan, representing a 47% increase year-on-year [1][3]. - In Q4 2025, the sector is expected to achieve revenues of 167.2 billion yuan, with a main revenue of 158.9 billion yuan, reflecting a 21% year-on-year increase [3]. Brokerage Business Performance - The average daily trading volume in the stock market for Q4 2025 is projected to exceed 2 trillion yuan, with a year-on-year increase of 18% [2][6]. - The average daily margin trading balance is expected to reach 2.49 trillion yuan, showing a 40% year-on-year increase [2][6]. - New account openings on the Shanghai Stock Exchange in Q4 2025 are projected to be 7.288 million, a decrease of 37% year-on-year [2]. Investment Banking and Asset Management - The report indicates a recovery in equity business under low base conditions, with Q4 2025 IPO issuance expected to reach 54.9 billion yuan, a 165% increase year-on-year [2][6]. - The asset management business is projected to see a revenue increase of 25% year-on-year, with expected revenues of 14.5 billion yuan in Q4 2025 [2][6]. - The public fund market is expected to grow, with the non-money market fund size reaching 21.9 trillion yuan by the end of Q4 2025, a 16% increase year-on-year [2][6]. Investment Recommendations - The report recommends focusing on three investment themes: 1. Strong comprehensive capabilities of leading institutions such as Guotai Junan and GF Securities 2. Brokerages with significant earnings elasticity like Huatai Securities 3. Companies with strong international business capabilities, such as China Galaxy [5].

21世纪经济报道记者 孙永乐 正值A股年报预告披露期，一批上市券商密集"交卷"报喜。 1月28日下午，长城证券（002939.SZ）发布业绩预告，公司预计2025年1-12月业绩大幅上升，归母净利润为22.91亿至24.49亿元，净利润同比增长45.00%至 55.00%，预计基本每股收益为0.57至0.61元。 就在前一晚，国泰海通（601211.SH）、申万宏源（000166.SZ）、东方证券（600958.SH）、招商证券（600999.SH）、华西证券（002926.SZ）、红塔证券 （601236.SH），6家券商同步发布了2025年业绩预告或快报，全年归母净利润分别同比增长111%—115%、74.64%—93.83%、67.80%、18.43%、74.46%— 126.66%、59.05%。 同花顺iFinD数据显示，截至1月28日18时，A股已有13家上市券商披露2025年度业绩预告或快报，业绩集体实现高增，3家净利润同比增长10%—50%，7家 净利润同比增长50%—100%，3家净利润同比增长超过100%。 | | | | A股券商2025年业绩预告/快报一览 | | | | | --- ...

同花顺iFinD数据显示，截至1月28日18时，A股已有13家上市券商披露2025年度业绩预告或快报，业绩 集体实现高增，3家净利润同比增长10%—50%，7家净利润同比增长50%—100%，3家净利润同比增长 超过100%。 （文章来源：21世纪经济报道） 1月28日下午，长城证券（002939.SZ）发布全年业绩预告，公司预计2025年1-12月业绩大幅上升，归母 净利润为22.91亿至24.49亿，净利润同比增长45.00%至55.00%，预计基本每股收益为0.57至0.61元。 就在前一晚，国泰海通（601211.SH）、申万宏源（000166.SZ）、东方证券（600958.SH）、招商证券 （600999.SH）、华西证券（002926.SZ）、红塔证券（601236.SH），这6家券商同步发布了2025年业绩 预告或快报，全年归母净利润分别同比增长111%—115%、74.64%—93.83%、67.80%、18.43%、74.46% —126.66%、59.05%。 ...

Core Viewpoint - The report from China Economic Net highlights that Springhui Intelligent Control (300943.SZ) experienced a significant stock decline of 11.61%, closing at 26.12 yuan, while a research report from China Merchants Securities expresses optimism about the company's future following its proposed acquisition of Springhui Instruments, suggesting potential growth in SOFC and commercial aerospace sectors [1]. Company Summary - Springhui Intelligent Control's stock closed at 26.12 yuan, reflecting a drop of 11.61% [1]. - The research report from China Merchants Securities indicates a positive outlook on the company's integration of Springhui Instruments, emphasizing a clear dual-driven strategy involving SOFC and commercial aerospace [1]. - The report initiates coverage with a recommendation to "overweight" the stock, indicating confidence in the company's growth prospects post-acquisition [1].

Core Viewpoint - Yuchai Marine Power has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being China Merchants Securities International and China Galaxy International [1] Company Overview - Yuchai Marine Power is the largest supplier of power generation engines in China based on sales revenue for 2024, and ranks second in sales revenue for medium and high-speed marine engines [1] - The company's business scope includes the design, development, manufacturing, and sales of power generation engines, marine engines, generator sets, and engine components, serving various sectors such as data centers, distributed power stations, infrastructure projects, telecommunications, healthcare, mining, agriculture, oil and gas, and shipping operations [1] - The company primarily operates in China but has overseas sales teams in Europe, the Middle East, Africa, Asia, and South America [1] Industry Insights - The global power generation engine market is projected to grow from RMB 55.9 billion in 2024 to RMB 143.8 billion by 2030, with a compound annual growth rate (CAGR) of 17.1% [1] - The Chinese power generation engine market is expected to expand from RMB 14.7 billion in 2024 to RMB 41.5 billion by 2030, with a CAGR of 18.9%, driven mainly by advancements in artificial intelligence technology, the proliferation of distributed power station applications, and the surge in demand for computing power in data centers [1]

Financial Data Summary - In 2025, the company achieved total operating revenue of RMB 24.9 billion and a net profit attributable to shareholders of RMB 12.3 billion [1] Business Performance and Financial Condition - The company actively integrated into the national economic and social framework, focusing on the strategic guidance of serving the financial "five major articles," which enhanced collaborative efforts and steadily improved development quality and operational efficiency in 2025 [1]

Group 1 - The core viewpoint of the announcement is that the company has reported preliminary financial data for the year 2025, highlighting significant revenue and profit figures [1][3]. - The company achieved total operating revenue of RMB 24.9 billion and a net profit attributable to shareholders of RMB 12.3 billion in 2025 [3]. - The announcement emphasizes the company's strategic alignment with national economic goals and its focus on enhancing operational quality and efficiency [3]. Group 2 - The financial data presented is preliminary and subject to change, with the final figures to be disclosed in the company's annual report [4]. - The announcement includes a reminder for investors to be aware of potential discrepancies between the preliminary data and the final audited results [4].